Senator Schumer on Federal Spending CSPAN May 2, 2017 6:06pm-6:14pm EDT
i used to be a donor. used to get everything i wanted. this is what winning looks like. something that you folks really know a lot about. >> , president trumps remarks about earlier today that will be deleted debated on the floor of the house and senate. this morning and senate minority leader chuck schumer sent called for a government down when the budget deal expires at the end of september. will follow senator schumer's comment remarks by majority whip john cornyn first, mr. president i want to respond to the president latest about the bipartisan, bicameral deal we just reached to fund the government to september. h members of both parties workedem very hard to come to this agreement. and
there was a real spirit of cooperation. i want to thank majority leaders mcconnell and speaker ryan and leader losey as well as senators cochran. [inaudible] all of whom work together often in the wee hours of the morning to make this happen. we all spent a lot of time working on it and i think we god a very good outcome. so, when the president threw cold water on this deal and actually recommended a government shutdown, i was deeply disappointed. here we thought democrats and republicans working together in the best traditions of the senate and the presidentn. disparages it in a way that's instructive. essentially saying, let's have a shutdown. the president has been complaining about a lack ofl bipartisanship in washington. well, this deal is exactly how washington should work when it is bipartisan.
both parties negotiated and came to an agreement on a piece of legislation that we can each support. it is truly a shame that the president is degrading and he didn't get a hundred% of what he wanted.t bipartisanship is best summed up by the rolling stones: you can't always get what you want, or at least everything you want. contact mr. president, secretary minh nguyen in an appearance at the milton institute conference admitted that the administratioo will go it alone on tax. he said they're trying to design their proposal to fit within the rules of reconciliation so they need only republican votes to pass their tax cuts. the message was clear as day. the president is not interested in working with democrats to craft a proposal that both parties can support.
he's just going to pass his plan with republican votes or not present at all. what that means is that the trump tax plan likely won't have to change much from the 200 word outline that they put out last week. that means that the trump tax plan will benefit the incredibly wealthy and the special interests while leaving the middle class, working americans with crumbs at best. the democrats for tax relief so long as it's a at the middle class and those struggling to get there. those are the folks really need the help. colleges are getting more expensive, take-home pay pay is being squeezed in so many directions, the middle class and those working to get there should be able to keep more of what they make but the trump tax plan designed to benefit its cabinet and the incredibly
wealthy. on wall street and main street not the middle class. there are many wealthy people doing very wellin america and god bless them. their lifestyles are getting better every year. their income is getting better every day. they don't need the help. but the middle class. in the trump plan taxes on the g very wealthy and big corporations would go down whila tax deductions that benefit the middle class would go away. for example, president trump create kerry interest loophole. instead, his plan to keep the carried interest loophole and creates a bigger loophole for the wealthiest by the so-called pass-through entities which include wealthy businessman like c. so with this 15% pass-through, hedge fund managers, corporate lawyers and bigness ceos who make millions of dollars everyhe
year would pay 15% while their workers pay 20, 25, 30%. to add insult to injury the trump tax plan would repeal the attacks on the states only over? $10 million. how many of us have $10 million estate it would result in the 5200 wealthiest families in america, each year or states of america, receiving an average $3 million windfall. while the trump and eliminates text for the very wealthy, it also eliminates tax breaks thatd are most beneficial to the middle class. like the state and local deductions. the loss of this deduction for those who use it would cost new yorkers an average of $4500 a year. the middle class is seen rising expenses and virtually stagnant incomes. any tax relief, not the loss of
key tax deductions that help with a few more dollars in theie pockets, and the biggest thing in danger for the middle class s might happen, might be what happens after the trump tax plan gets passed. if that happens. a tax cut for the wealthy of th, size president trump is proposing would explode the deficit crossing between 5.5 and $7 trillion over ten years with some effort. i thought it might be willing to ignore the debt and deficit now in order to get their tax cuts but make no mistake about it a few years down the line they'll start howling about the deficit again and say we have no choices but to cut social security and medicare and make up for the massive debt they created with their tax cut. this has been in a nefarious goal of the hard right for y decades. in fact, the same story played out during the bush years.
president bush passed a big tax cut break primarily for the wealthy, wrapped up debt and then he pursued deep cuts the social safety net to balance the letter. he might have gotten them but democrats stood in his way. this could be déjà vu all over again. in some very wealthy get a huge tax rate while the middle class gets very little and down the road programs like social security and medicare, so crucial to the middle class would be endangered. this administration wants to pursue such a plan all on their own, that's their choice. go it alone approach doesn't guarantee success. what it does guarantee is a vers partisan bill that will benefit the very wealthy and the special interests, a bill which i predict will be very, very unpopular with the american pele